????來自美國風險投資協會（National Venture Capital Association）第三季度數據顯示，風投界仍在進行大筆投資，但有趨于謹慎的跡象，包括大幅縮減種子期投資、追求單宗交易更高的投資額。

????美國風險投資協會和普華永道（PricewaterhouseCoopers）聯合發布的風險投資季度報告MoneyTree Report顯示，第三季度達成風險投資交易876宗，投資總額69.5億美元，分別低于前一季的1,015宗和78.8億美元。（點擊這里可從美國風險投資協會網站直接下載該報告。）

????不過，這已是近三年單季風險投資水平的次高，回到了2008年10月金融危機爆發前的水平。考慮到8月股市的動蕩以及2011年風投業僅融資約150億美元的事實，這樣的投資水平已經相當不錯的表現 。

????但是，單筆交易平均規模達到790萬美元，創下了2007年第一季度（850萬美元）以來的新高。種子期融資從4.03億美元腰斬過半，降至1.79億美元；早期投資較春季季度減少7%。與此同時，擴張期和相對后期的投資規模擴大，其中擴張期投資觸及2008年年中以來的新高。首次融資交易也降至2009年以來的最低水平。

????雖然生物科技和制藥行業受聯邦監管和審核加強影響，融資活動普遍放緩，但第三季度最大的融資交易仍然是來自生物科技公司Reata Pharamceuticals。這家正在開發口服消炎藥的公司從一家未披露名稱的公司獲得了3億美元的融資。會議活動管理軟件公司Cvent從Greenspring、Insight Venture Partners和恩頤投資（New Enterprise Associates）獲得了總計1.359億美元的融資。第三季度最后一宗超過1億美元的融資交易歸屬于公寓租賃平臺Airbnb公司，這是一家為旅行者提供與當地人同吃同住服務的全球性網站。該公司從投資機構Andreessen Horowitz、Digital Sky、General Catalyst Partners和Greylock Partners籌得了1.12億美元。

????正如美國風險投資協會執行委員會成員兼Flybridge Capital Partners普通合伙人邁克爾?格里利在談到這些數字時所說， “顯然風投界正越來越喜歡近期就能產生收入的公司（面向消費者的網站/社交媒體），而不是產品開發前景不明的的公司（生命科學/清潔科技產業）。嚴苛的美國食品藥品管理局（FDA）和消失的IPO市場等外部力量讓某些依賴風投支持的公司處于不利境地。”

????Venture capitalists are still investing lots of money, according to third quarter data from the National Venture Capital Association, but there are signs they are getting a little more risk averse, cutting back steeply on seed deals and pursuing bigger investments.

????For the third quarter, VCs invested $6.95 billion in 876 deals, down from $7.88 billion and 1,015 deals the previous quarter, according to the MoneyTree Report from the NVCA and PricewaterhouseCoopers. (Here's a direct download of the report via the NVCA site).

????Still, that level of VC investment made for the second-best quarter over the past three years, back to just before the financial crisis erupted in October 2008. The activity level is still pretty good, considering the wild August in the stock market and the fact VCs will only raise about $15 billion in new money for 2011.

????But average deal size of $7.9 million is the largest since the first quarter of 2007, when the typical deal came in at $8.5 million. Seed-stage funding dropped by more than half from $403 million to $179 million and early stage investments backtracked 7% from the spring quarter. Meanwhile expansion- and later-stage investments grew, with expansion stage investments hitting their highest level since mid-2008. First time deals also slipped to their lowest level since 2009.

????While biotech and pharma deals are weakening due to tighter federal regulations and scrutiny of the sector, the biggest deal of the third quarter went to biotech firm Reata Pharamceuticals. The company, which is developing anti-inflammatories taken orally, raised $300 million from one undisclosed firm. Maker of event management software Cvent raised $135.9 million from Greenspring, Insight Venture Partners and New Enterprise Associates. The only other $100 million-plus investment of the quarter was claimed by Airbnb, which offers travelers a global network of accommodations offered by locals. It raised $112 million from Andreessen Horowitz, Digital Sky, General Catalyst Partners and Greylock Partners.

????As Michael Greeley, NVCA executive committee member and general partner at Flybridge Capital Partners notes in his take on the numbers, "Clearly VCs are increasingly drawn to businesses which can drive near-term revenue (consumer internet/social media) and/or don't have open-ended product development pathways (life sciences/cleantech). External forces like the hostile FDA or non-existent IPO markets are conspiring against certain VC-backed companies."